Bitcoin Price Holds Support and Might Soon Aim Fresh Increase Above $28K

Aayush Jindal

Last Updated: June 11, 2024 10:02 am

2 mins read

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Bitcoin price is holding support near $26,750. BTC might start a fresh increase if there is a clear move above the $27,550 resistance zone.

Bitcoin is holding the key support at $26,750 and $26,600.
The price is trading above $26,800 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it stays above $26,750 and the 100 hourly SMA.

Bitcoin Price Aims Higher

Bitcoin price started a minor downside correction after it failed to clear the $27,700 and $27,800 resistance levels. BTC formed a high near $27,677 before it corrected lower.

There was a move below the $27,400 level. The price declined below the 23.6% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high. The price tested a major support near the $26,800 level and the 100 hourly Simple moving average.

Bitcoin price is now trading above $26,600 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair. Immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,550 level.

Source: BTCUSD on TradingView.com

A close above the $27,550 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might rise toward the $28,400 resistance. Any more gains might send the price toward the $28,800 level.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $27,550 resistance, it could start a fresh decline. Immediate support on the downside is near the $27,000 level and the 100 hourly SMA.

The next major support is near the $26,750 zone or the 50% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high, below which the price might start a steady decline. In the stated case, it could revisit the $26,200 level. Any more losses might take Bitcoin toward the $26,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $26,750, followed by $26,200.

Major Resistance Levels – $27,250, $27,550, and $28,300.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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